GBP/USD - Ready to test inverse head and shoulder neckline level

Despite repeated failure to take out/hold above 1.3315 (23.6% of 1.5019-1.2789) , the bird has been able to avoid a drop below 1.3061 Tuesday's low and has managed to form a small rising bottom formation this week.

Consequently, the odds of the pair breaking above stiff resistance at 1.3315 today are high. In such a case, inverse head and shoulder neckline resistance around 1.3450 stands exposed.

Once again, bullish invalidation is seen only if prices see a day end closing below 1.3061